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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 29, 2024
Financial Instruments [Abstract]  
Disclosure of detailed information about financial instruments
The carrying amounts and fair values of financial assets and liabilities included in the consolidated statements of financial position are as follows:
December 29, 2024December 31, 2023
Financial assets
Amortized cost:
    Cash and cash equivalents$98,799 $89,642 
    Trade accounts receivable542,359 412,498 
    Financial assets included in prepaid expenses, deposits and other current assets
56,785 45,136 
    Long-term non-trade receivables included in other non-current assets
22,321 12,863 
Fair value through other comprehensive income:
    Derivative financial assets included in prepaid expenses, deposits and other current assets12,108 15,797 
Financial liabilities
Amortized cost:
    Accounts payable and accrued liabilities(1)
$478,317 $403,534 
    Long-term debt - bearing interest at variable rates950,000 885,000 
    Long-term debt - bearing interest at fixed rates(2)
585,870 100,000 
Fair value through other comprehensive income:
    Derivative financial liabilities included in accounts payable and accrued liabilities11,756 4,760 
    Derivative financial liabilities included in other non-current liabilities8,602 — 
1) Accounts payable and accrued liabilities include $11.6 million (December 31, 2023 - $12.5 million) under supply-chain financing arrangements (reverse factoring) with a financial institution, whereby receivables due from the Company to certain suppliers can be collected by the suppliers from a financial institution before their original due date. These balances are classified as accounts payable and accrued liabilities and the related payments as cash flows from operating activities, given the principal business purpose of the arrangement is to provide funding to the supplier and not the Company, the arrangement does not significantly extend the payment terms beyond the normal terms agreed with other suppliers, and no additional deferral or special guarantees to secure the payments are included in the arrangement. Accounts payable and accrued liabilities also include balances payable of $37.8 million (December 31, 2023 - $49.0 million) resulting mainly from a one-week timing difference between the collection of sold receivables and the weekly remittance to our bank counterparty under our receivables purchase agreement that is disclosed in note 6 to these consolidated financial statements.
2) The fair value of the long-term debt bearing interest at fixed rates was $627.3 million as at December 29, 2024 (December 31, 2023 - $98.6 million).
Disclosure of detailed information about hedging instruments
The following table summarizes the Company’s commitments to buy and sell foreign currencies (cash flow hedges) as at December 29, 2024:
Carrying and fair valueMaturity
Notional
foreign currencyAverageNotionalPrepaid expenses,Accounts
amountexchangeU.S. $deposits and otherpayable and
0 to 12
equivalentrateequivalentcurrent assetsaccrued liabilitiesmonths
Forward foreign exchange contracts:
Sell GBP/Buy USD23,665 1.2827 $30,355 $705 $— $705 
Sell EUR/Buy USD38,477 1.0914 41,995 1,532 — 1,532 
Sell CAD/Buy USD34,139 0.7401 25,266 1,403 — 1,403 
Buy CAD/Sell USD77,510 0.7252 56,214 — (1,781)(1,781)
Sell AUD/Buy USD7,586 0.6620 5,022 292 — 292 
Sell MXN/Buy USD172,198 0.0511 8,793 451 (3)448 
$167,645 $4,383 $(1,784)$2,599 
14. FINANCIAL INSTRUMENTS (continued):
(b)Derivative financial instruments - hedge accounting (continued):
The following table summarizes the Company’s commitments to buy and sell foreign currencies (cash flow hedges) as at December 31, 2023:
Carrying and fair valueMaturity
Notional foreignAverageNotionalPrepaid expenses,Accounts
currency amount exchange U.S. $deposits and otherpayable and
  0 to 12
equivalentrateequivalentcurrent assetsaccrued liabilitiesmonths
Forward foreign exchange contracts:
Sell GBP/Buy USD25,399 1.2506 $31,765 $25 $(585)$(560)
Sell EUR/Buy USD40,866 1.0987 44,901 63 (640)(577)
Sell CAD/Buy USD52,285 0.7506 39,243 33 (362)(329)
Buy CAD/Sell USD41,199 0.7384 30,422 735 — 735 
Sell AUD/Buy USD15,011 0.6681 10,029 21 (261)(240)
Sell MXN/Buy USD325,633 0.0543 17,687 — (980)(980)
$174,047 $877 $(2,828)$(1,951)

The following table summarizes the Company’s cross-currency fixed rate debt swap commitments to sell foreign currencies (cash flow hedges) as at December 29, 2024:
Carrying and fair valueMaturity
Notional foreignFixedNotionalOther non-Other non-
currency amountexchangeU.S. $PayReceive currentcurrentOver 12
equivalentrateequivalentrateRateassetsliabilitiesmonths
Forward foreign exchange contracts:
Sell CAD/Buy USD500,000 1.4000 357,143 5.49 %4.36 %— (6,442)November 2029
Sell CAD/Buy USD200,000 1.4000 142,857 5.77 %4.71 %— (2,160)November 2031
$500,000 $(8,602)

The following table summarizes the Company's commodity contracts outstanding (cash flow hedges) as at December 29, 2024:
Carrying and fair valueMaturity
Prepaid expenses,Accounts
Type ofdeposits and other payable and
   0 to 12
commodity
Notional amount(1)
current assetsaccrued liabilitiesmonths
Forward contractsCotton
382.2 million pounds
$1,584 $(9,519)$(7,935)
Swap & option contractsEnergy
3.4 million gallons
25 (453)(428)
$1,609 $(9,972)$(8,363)
(1) Notional amounts are not in thousands.
14. FINANCIAL INSTRUMENTS (continued):
(b)Derivative financial instruments - hedge accounting (continued):

The following table summarizes the Company's commodity contracts outstanding (cash flow hedges) as at December 31, 2023:
Carrying and fair valueMaturity
Prepaid expenses,Accounts
Type ofdeposits and otherpayable and
   0 to 12
commodity
Notional amount(1)
current assetsaccrued liabilitiesmonths
Forward contractsCotton
144.6 million pounds
$4,583 $(1,745)$2,838 
Swap & option contractsEnergy
2.9 million gallons
153 (187)(34)
$4,736 $(1,932)$2,804 
(1) Notional amounts are not in thousands.

The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding (cash flow hedges) as at December 29, 2024:
Carrying and fair value
NotionalPrepaid expenses,Accounts
amount ofMaturityFixedFloatingdeposits and otherpayable and
borrowingsdatePay / Receiverateratecurrent assetsaccrued liabilities
Term Loan(1)
$25,000 April 30, 2025Pay fixed rate / receive floating rate1.06 %SOFR$355 $— 
50,000 April 30, 2025Pay fixed rate / receive floating rate0.70 %SOFR771 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.52 %SOFR714 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.17 %SOFR1,153 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate3.20 %SOFR364 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate3.69 %SOFR172 — 
Unsecured Notes
50,000 August 25, 2026Pay fixed rate / receive floating rate1.12 %SOFR2,587 — 
$6,116 $— 
(1) The notional amounts for the interest rate swap contracts maturing in 2026 are extensions to the $100 million interest rate swap contracts originally entered into for the $300 million term loan.
14. FINANCIAL INSTRUMENTS (continued):

(b)Derivative financial instruments - hedge accounting (continued):

The following table summarizes the Company’s floating-to-fixed interest rate swap contracts outstanding (cash flow hedges) as at December 31, 2023:
Carrying and fair value
NotionalPrepaid expenses,Accounts
amount ofMaturityFixedFloatingdeposits and otherpayable and
borrowingsdatePay / Receiverateratecurrent assetsaccrued liabilities
Term Loan(1)
50,000 April 30, 2024Pay fixed rate / receive floating rate1.44 %SOFR$646 $— 
25,000 April 30, 2025Pay fixed rate / receive floating rate1.06 %SOFR1,130 — 
50,000 April 30, 2025Pay fixed rate / receive floating rate0.70 %SOFR2,414 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.52 %SOFR439 
25,000 June 30, 2026Pay fixed rate / receive floating rate1.17 %SOFR1,593 — 
25,000 June 30, 2026Pay fixed rate / receive floating rate3.20 %SOFR373 — 
Unsecured Notes
50,000 August 25, 2026Pay fixed rate / receive floating rate1.12 %SOFR3,589 — 
$10,184 $— 
(1) The notional amounts for the interest rate swap contracts maturing in 2025 and 2026 were extensions to the $125 million interest rate swap contracts originally entered into for the $300 million term loan.
Disclosure of detailed information about hedged items
The following table summarizes the Company’s hedged items as at December 29, 2024:
Change in
Carrying amount ofvalue used forCash flow
the hedged itemcalculating hedgehedge reserve
AssetsLiabilitiesineffectiveness(AOCI)
Cash flow hedges:
Foreign currency risk:
Forecast sales$— $— $3,048 $(3,048)
Forecast expenses— — (1,781)1,781 
Debt & interest payments— 487,677 6,041 (6,041)
Commodity risk:
Forecast purchases— — (12,592)12,592 
Interest rate risk:
Forecast interest payments— — 5,257 (5,257)
$— $487,677 $(27)$27 

No ineffectiveness was recognized in net earnings as the change in value of the hedging instrument used for calculating ineffectiveness was the same or smaller as the change in value of the hedged items used for calculating the ineffectiveness.
14. FINANCIAL INSTRUMENTS (continued):

(b)Derivative financial instruments - hedge accounting (continued):
The following table summarizes the Company’s hedged items as at December 31, 2023:
Change in
Carrying amount ofvalue used forCash flow
the hedged itemcalculating hedgehedge reserve
AssetsLiabilitiesineffectiveness(AOCI)
Cash flow hedges:
Foreign currency risk:
Forecast sales$— $— $(1,945)$1,945 
Forecast expenses— — 736 (736)
Commodity risk:
Forecast purchases— — 4,733 (4,733)
Interest rate risk:
Forecast interest payments— — 10,126 (10,126)
$— $— $13,650 $(13,650)
Disclosure of detailed information about financial expenses, net Financial expenses, net:
20242023
Interest expense on financial liabilities recorded at amortized cost (1)
$80,256 $53,360 
Bank and other financial charges22,212 22,314 
Interest accretion on discounted lease obligations4,764 3,429 
Interest accretion on discounted provisions431 414 
Foreign exchange (gain) loss(3,509)153 
$104,154 $79,670 
(1) Net of capitalized borrowing costs of nil (2023 - $6.8 million) using an average capitalization rate of nil (2023 - 5.39%).
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting Hedging components of other comprehensive (loss) income (“OCI”):
20242023
Net gain (loss) on derivatives designated as cash flow hedges:
      Foreign currency risk$(4,806)$(3,334)
      Commodity price risk(14,525)15,758 
      Interest rate risk3,246 2,682 
Income taxes(38)33 
Amounts reclassified from OCI to inventory, related to commodity
  price risk		(2,800)(6,913)
Amounts reclassified from OCI to net earnings, related to foreign currency risk, commodity risk, and interest rate risk, and included in:
      Net sales(809)1,802 
      Cost of sales— 58 
      Selling, general and administrative expenses211 1,198 
      Financial expenses, net 5,899 (7,437)
      Income taxes(55)(42)
Other comprehensive (loss) income$(13,677)$3,805